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sports betting wagering innovator launches new start-up
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17 November 2021
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By Douglas Fraser

Business and economy editor, Scotland

One of Scotland's most effective innovation groups is starting again with a brand-new company - and has protected the biggest preliminary financial investment of any British start-up business.

BetDEX is being led by Nigel Eccles, who co-founded dream sports betting wagering site FanDuel in 2009 in Edinburgh.

The new firm has seed financing of $21m.

It intends to release a new open source software application platform, on which others can innovate in sports betting wagering, in the very first half of next year.

The company is hiring staff from a base in Scotland.

FanDuel was sold to Flutter - previously called Paddy Power Betfair - in 2018 and is now worth more than $30bn.

However, Mr Eccles and other co-founders are in legal dispute with FanDuel's later phase investors over the way in which they structured a takeover, which left the Edinburgh group without a share of the increasing assessment.

Mr Eccles stated that a person thing he gained from the FanDuel experience was to choose financiers thoroughly.

He told BBC Scotland: "We took a lot of lessons from that, one of which was the value of who we select as financiers in this brand-new business, to ensure their worths are lined up with ours, that they take their fiduciary tasks properly, which they're the right partners for us."

The $21m seed funding for BetDEX includes stakes taken by 7 backers of US technology firms, including two large funds - Paradigm and FTX - which specialise in purchasing business running with crypto-currencies.

Varun Sudhakar, chief executive of BetDEX, stated: "The sports betting wagering market charges high prices for poor products and limits trades by its most successful users.

"BetDEX is diametrically opposed to this technique. We will effectively compete versus incumbents with a markedly remarkable product and low costs, which is now possible with the development of the blockchain technology."

As chairman of the brand-new firm, Mr Eccles stated it might look familiar to retail punters used to existing online companies.

'Pool of skill'

However, he states that those who utilize its platform to run their own wagering companies will have the ability to innovate and produce a larger variety of wagering products.

He said the typical share taken by online bookies is 7% to 10% of a stake, but BetDEX should permit that to fall listed below 1%.

The business will develop its own wagering apps to operate on the platform.

Mr Eccles stated these would take an "intelligent, thoughtful" technique to the method they are marketed to protect those who fight with issue sports betting.

He said the group of around 500 software engineers who helped build FanDuel from Scotland showed that it stays the location to develop a company. BetDEX has the very same head of innovation, Stuart Tonner.

"A great deal of that [FanDuel] success was constructed on an extremely knowledgeable, very team, that built this item that could process countless bets and countless users.

"There's a real talent swimming pool of skilled engineers who helped us develop our item and that's what we desire to take advantage of for BetDEX as well."

Related subjects

Edinburgh

Sports betting

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FanDuel founder leaves business

Published

20 November 2017
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